Should I open my fabrication shop now or save more first?

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Dynamango91Everpop

New Member
Hey guys, I’m 28, I’ve saved up 110k of my own money, and obviously have a mortgage at $3400 p/m. I’m currently in the works of opening a custom fabrication shop and wanting to expand. Friends and family think it’s a SILLY idea to get a shop, but how can I expand if I don’t have a shop?! The shop elase will be around 40–50k a year + outgoings. Should I continue saving up more money or go in now why I can?
 
If no kids.. I’d look into selling the house and buying an Indusso shed to live in while you start the business for 2 3 years while you’re still young. It saves money on 2 payments. And it lets you jump off the cliff of starting with 1 less major debt over your head.
 
Rent a spare spot from another guy. A big shed, or spare industrial space. Try it for a few months.

Then see how it goes.

If it goes well, sign a one year lease. At that place, or your place of choice.

If it goes badly after a few months, you can just pack up and leave.
 
I’d say go for it, mate. If you have a good customer base and quality workmanship, you should be able to make a good income.

There’s a well regarded strategy: investing during uncertain times often called countercyclical or opportunistic investing can give you stronger long term returns. Uncertainty usually causes a lot of panic, so many people pull back, but successful businesses often use that time to invest when assets are cheaper and competition is lower.
 
Buy a house on acreage and build a big shed on it. Make sure the council approves working out of it. Keep the house and rent it out, or stay there and rent out the house on the property.
 
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